...........The RBI took several steps to stabilise the foreign exchange market. It
sucked out liquidity from banks to prevent them from speculating in
foreign exchange derivatives. But that did not have the desired effect.
The rupee still declined and, due to lack of liquidity, the rate of
interest on inter-bank borrowing began to rise. The rise in bond yields
due to continued exodus of foreign currency led to a rise in the overall
interest rate..............
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